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20121001
20121031
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. >>> well on come to wourd wide exchange. as is an decide barrels towards the east code, u.s. authorities order thousands to evacuate for the the biggest storm. >> my first message is to all the people across the eastern seaboard atlantic going north that you need to take this very seriously. >> all u.s. stock markets will be closed today. its first weather related closures in 27 years. and shares in ubs rise in the open after reports swiss bank may cut 10,000 investment banking jobs and wind down up to 15 trading businesses. police wen and his family fight back. their lawyers call it untrue and are considering legal action against the "new york times." for our u.s. viewers, the show will be on just one hour this week because europes has gone off daylight savings time, so we're just four hours ahead now of new york time. hurricane sandy is also still several hours away from make landfall, but the impact of the storm is already being felt. transportation has ground to a halt as new york and other major eastern cities have shut down mass transit, airlines canceling flights and
. >> europe went off daylight savings time a week ahead of the u.s. back to full schedule next week. in the meantime, sandy is no longer a hurricane by name, but still making a major impact. storm made landfall monday night along new jersey east koer. still packing hurricane force sandy is expected to weaken, but the rain could linger. already at least ten deaths have been blamed on the storm. u.s. markets will be closed for a second day today. still electronic trading. the last time by the way the new york stock exchange was closed for more than a day because of weather, 1888. when a snowstorm piled up to 40-foot drifts. u.s. refineries had to shut nearly all the east coast fuel supplies ahead of sandy and they'll begin assessing damage today. three of the key six refineries shut down. analysts estimate sandy could cost between $5 billion and $10 billion in ensured losses. it would be the fifth costliest hurricane in u.s. history. sandy could cause more wind and flood damage than hurricane irene did last year. new york city and especially lower manhattan saw its shares of flooding
there as tensions between the two countries intensify. the u.s. government suing the nation's biggest mortgage lender. we'll take a look at how the global industry is faring. then it's off to paris. the stricken car maker is downgraded by moody's a day after demonstrators stage protests. we'll have details from the french capital. and we'll head to new york where there's an appetite for young, profits that is, up nearly a quarter from a year earlier. we'll take a look on a big day for earnings on wall street. and a big week that's coming up. joining us now onset, though, bob mckey. bob, you're here with us, chief economist from independent strategy. i guess let's just begin by talking a little bit about some of these headlines that we're hearing from the imf regarding financial stability. obvious, i guess, to sort of draw attention to this issue, but in your mind, is there still lingering risk out there from the lack of reform, i guess, in some areas of the industry? >> i think what the global stability report is showing -- it's the third report the imf brings out at this semiannual meeting. e
. now residents belong a long and costly recovery process. >> the u.s. markets are set to reopen after being closed the last few days. the new york mass transit system is still shut down. >>> new sthats now expect profit growth to hit the slowest since lifting. >>> welcome to today's show. the good news is financial markets start trading again. >> well, good news or it depends on how they open. certainly there's people with pent up demand. >> i think whatever happens, the fact that we're back up and trading is a good thing. >> the interesting question is why. but why couldn't the new york stock exchange have gone with its electronic trading systems. will this serve as a catalyst to maybe pursue that route the next time with more confidence. >> it's a day of cleanup. >> yes, it is. millions of people in the northeastern u.s. will spend days or weeks to recover from sandy, which is being blamed for at least 46 deaths. at its peak, more than 8.5 million homes and businesses were without power. new york city and new jersey, especially the jersey shore, were the hardest hit. president obama
as competitive in the world as it once was. you see evidence of the u.s. getting some of it back. so mexico sort of had its breakfast, lunch and dinner the past 20 years by china appearing on the scene is probably in the early stages of regaining some of that a. so i think mexico is a big winner. southeast asia, philippines, for example. >> all right. jim, stick around. more to come from you. let's get over to asia and get a wrap of the day over there. >> thanks, ross. asian markets were mostly higher buoyed by improved data in u.s. and europe and also the rba rate cut. surprising move from the central bank helped the australian market end at a five month high. resources and banks enjoyed the rally. the aussie dollar on a one month low on the back of that decision. more companies announced profit warnings as concrete signs of a fwleb al slowdown, but shipping companies rebounded on some short covering.korea, the bok a it would for growth. but the kospi ended flat. losses in hyundai motor and samsung electronics ahead of its q3 earnings guidance. the company also officially added the iphone 5 in
weakness from asia and to a lesser extent, weakness in the u.s. as well. asia slowdown really hittin>> i cart and horse on that. the euro is falling to a session low, post those two bits of data. bund futures extending their gains as well. may not do anything for stock sentiment. talking about asia, china's manufacturing activity was up at a three-month high. the early read suggests the recovery. that wasn't enough to stop a 12th consecutive month of pmi contraction. some analysts still see the need for further stimulus. what is this telling us? are we now on the bottom of the downturn? not the downturn, the slowdown? >> possibly. it's too early to tell. it's only just in -- >> suggest there the chinese survey, the official government one might come out above 50. >> it may well do. but i think one of the interesting things was that the rate of decline has eased quite significantly. the smallest fall for five months. but in there, when we were reading through the reasons, they were saying that their trade had been disrupted due to the spat between japan and china. if we perhaps make a men
. >> imf down grades global growth saying europe and the u.s. needs to get their finances in order or risk further weakness. >> the euro trades lower as draghi speaks in brussels. the ecb president announces proposals to deal with risks from the banking sector. >> plans to make further proposals for macro policy particularly on vulnerabilities linked to bank funding. >> angela merkel faces a tough reception in greece as protesters take to the streets. >>> and alcoa kicks off what could be subdued u.s. earnings season. third quarter results of the s&p 500 are expected to drop overall snapping 11 quarters of gains. >>> okay. good to have you back. >> good to be back. you were out, i was out, it was -- >> and i was a little worried about what you were up to, so i do admit, i had you followed. and my man, he sent me back this photograph. >> oh, no. >> that is you with the goggles, right? >> yes, that's me with the goggles. >> what's going on? >> that's my sister at the end there. so i was back at my alma mater in virginia for my college reunion. part of that was -- >> to dress up and pretend y
company's performance will not be affected by the outcome of the u.s. election. >>> plus top oil producers forge ahead with ambitious output targets banking on stronger chinese demand. >>> and president obama and mitt romney are set for round two of their presidential debates tonight with the task of winning over undecided u.s. voters. >>> we start to get the into the meat of the week. advancers outpacing decliners by a little more than 6:3. yesterday ftse was up 0.2%, dax up 0.4%. this morning another third percent gains for the ftse 100. c 40 up 0.4%. ibex up about 1.10%. s&p putting a negative outlook on biggest spanish banks. let's show you where we stand. not impacted on the stocks. as far as bond issues are concerned, we have a t-bill auction coming out today in spain. we'll get the results of that in about an hour. 5.82%. spanish yields slightly higher than where we were yesterday. italy is fairly contained. the big test for spain will be on thursday. first time we've had a primary debt auction out of spain since the s&p downgrade last week. we'll keep our eyes on gilts, as well. uk
still for the u.s. dollar. the trade for the australian dollar has been down since then. so it seems as though that might be a little bit broken. dollar-yen rates fairly stable for a couple days, but still we are seeing story up and down a tenth of a percent. euro/dollar -- 129 and a quarter is the handle. the golden week holiday has been impacting liquidity, although some people really take you off for some of those beach destinations. >> really a lackluster day of trade. the hang seng came back from holidays, to end marginally in the green. strength in defensive telecoms were partially offset due to falling oil prices. over in japan, the nikkei heat a three-week low as investors remained cautious ahead of the boj and ecb meetings, but the retailer rallied, because annual group sales could top nearly $1 billion. if so, it would be the first japanese retailer to ever reach that scale. over in australia, the asx 200 edged up to a 14-month high. minors slumped following a short rise in the trait deficit. india now higher by .2%. >> up next, uk drinks maker have been given an extinction
headlines. the september u.s. jobs report is up on the mood of investors with data expected to show another month of modest yet unspectacular growth. samsung expects another record quarter of smartphone sales, but analysts say this could be the peak. and the bank of japan holds off on more easing for now, but opening the door to more action later this month. also, spain's finance minister says the country does not need a bailout facing a skeptical crowd in london, but could rajoy be cornered by the leaders of france and italy at a meeting today? i've been away for a couple of days and thanks for whoever filled in. on today's show, planning more sanctions on iran. we'll look at the worsening impact on the panel of experts. larry fink said the u.s. housing market is inching closer to a rebound. we'll hear more from that interview. and can the united states dodge a financial cliff in we'll speak to a guest who has clear ideas of what needs to be done. first it's about the jobs report, unemployment report due out at 8:30 eastern. economists think yet another month of modest job growth, but not
, further expand their network in the u.s. >> what is the attraction here for softbank? >> this comes after the transaction of another acquisition in japan. so it's in line with what they've explained to investors over the past two years. where they want to take the company, expand into the telecom sector. and this will allow them to get a foot hold into the u.s. market which they currently don't have a presence in and the inner -- with their massive capital expenditure going forward. >> do you think they're going to start lowering prices or do you think they'll keep prices where they are because they like the cash generation from it? >> as far as bill porter is concerned from softbank's perspective, this will make them the third largest wireless carrier over in the u.s. behind verizon and at&t. and so i think eventually once we deal with the forward capital expenditure that they'll have to invest in going forward, i think we can all talk about, well, is this going to also impact prices in the u.s. but first they'll expand their network before talking about is it going to lower prices. >> a
situations to stabilize, as well, because of the improving signs in u.s. economy and that will help the china market to fund the bottom and reverse the down trend oig by the second half of the fourth quarter. >> we're looking at this transition towards domestic consumption. the retail sales that we've been looking at as you're suggesting not exactly brilliant either. if you're looking for more policy initiatives, what are they going to be and are they going to focus on that retail consumer side? >> the retail consumer side, yes, they will focus on it, but it will not be a quick fix. trying to encourage more retail and more consumptions, you need structural changing wage growth which they are doing, but they can't to it overnight. and also in providing more social securitys. and that's going to take a while. and i will say that the quick fix is more on the investments which they have already announced sizable stimulus in infrastructure spending. of course the largest component of the gdp which is the fai. and that would be short term solution. long run, yes, they are also working on the retail
. and a late burst of spending by consumers is likely to boost third quarter u.s. gdp, but growth may still be too sluggish to bring down employment. welcome to today's show. the last one of the week here. and just remind you plenty to get through as we count down toward the gdp number in the u.s. we'll have an interview with the boss of jpmorgan, jamie dimon. his views on the election and his outlook on the economy. microsoft is unveiling its windows 8. we'll have the latest plus in-depth analysis at 11:45 cet from new york. at 10:20, we're heading to hong kong. big day for earnings from chinese lenders. and then at 1 ch11:50, we're in chicago and third quarter u.s. g gdp. apple corporate figures up 24%, but it missed analyst forecasts. second straight miss for the company. revenues rose 27%, slightly better than expected. apple sold nearly 27 million iphones. the iphone 5 was released at the end of the quarter, but ipad sales were well short of forecasts. apple first quarter guidance which includes the holiday shopping season also trails analyst estimates. lowist figure in around four yea
to fix the u.s. economy. waiting on spain, the ecb expected to hold steady on rates. country's president tells cnbc that europe's policymakers must remain focused. >> if we get bogged down into what was meant by the june agreements and waste time on this kind of discussions, then it's much less likely that a coherent system will emerge. >> madrid continues to put faith in the hands of private investors while finance minister heads to london to raise funds for the country's bad bank. and india's crucial services sector grows at its fastest rate in seven months, while the government gets set to take another swing at boosting it through foreign investments. thanks very much for joining me. anyone that's missing ross, he'll be back in tomorrow. but for now, you're all mine. . plenty to come on the next couple hours of the show. lots of guests to help us figure out what's going on. we'll get a view from sydney about cautious shoppers. borrowing costs are expected to fall. we'll bring you those results from madrid. and we'll head out to malaysia for an exclusive interview with the country's pr
suisse 3r50iprivate bank. as an investor as we watch the maturation of the u.s. election campaign, what actually matters some. >> the fiscal cliff. obviously many things matter at the more detailed level, as well, but we're all worried about how that will be sorted out and the way that the white house goes, the way congress goes is pretty critical to that. >> have you heard anything from anybody that made you more comfortable, or is it just a big -- how do we price it in? >> when we talk to investor, the line we're getting is people believe that everything will be sort of all right on the night and that some neat compromise will be found. and that is the best central guess, but that's still worrying because it means you've got some if you like good news in the market and if things were to go wrong hfr- >> how would we price things going wrong? >> we would see a selloff in all sorts of assets. clearly in stocks and treasuries could go either way. but who knows. >> obviously we have to find out whether each party will budge on these core issues. we asked john mccain about this and we'll g
of the general world economy. we see uncertainty in the u.s. and china slowing. >> bp is in advanced talks with rosneff but says no decision has yet been made. and president obama, mitt romney head into their final debate tonight as new poll shows they're now in a dead heat with just two weeks to go before election day. and plus japan records its sharpest export since last year's devastating earthquake. raising fears the world's third biggest economy could be slipping back into recession. it's the start of another week here on on "worldwide exchange." kelly is state side helping to host "squawk on the street." p meanwhile plenty to come still on today's show. here in london, protesters have been marching against austerity. one of our reporters was there. demonstrators took out their anger on multinational companies. in new york, wall street a underwhelmed as corporate giants like ge, part owner of this station, had cautious revenues. we'll pibd out if cat pill what are and yahoo! will buck the trend or affirm it pnd and obama and romney squaring off, who is likely to deliver the knockout b
, three town. president obama and mitt romney dual over foreign policy and the health of the u.s. economy in their third and final debate. made vase mire lays out her vision of yahoo! as the internet company posted better than expected third quarter figures. but burberry an lis cutting price targets. and bank of israel splaning for all sorts of eventualities among tipped tensions. . >>> on today's show, plenty to get through of course. let's remind you what's coming up. we'll discuss the presidential debate with experts one which president obama says was clearly the winner while the other thinks romney was the one who looked more presidential. we'll hear from the governor of israel stanley fisher with a live update from tel aviv. and we'll get an in-depth analysis on the latest earnings out of japan. find out what stocks our guests think is a buy at 10:30 cet. also is there more easing on the cards for the fed? we'll head out to philadelphia with the latest expectations. the fed begins its two day meeting. but first, president obama and mitt romney faced off for the third and final time b
comments about the potential impact of the fiscal cliff and the u.s. elections. i know you'll be around, but let's make sure the viewers stick around, too. >> absolutely. carolyn, thanks very much for that. nice shot there. it looks nice there in zurich today. joining us for the first part of the program today, founding partner at lieber investment y suisse's report card. >> >> i think dugan is right to emphasize what they anticipate that they can deliver. it's words you need to hear still on focus of roe target of 15%. it will be some time before they get there, but for a shareholder, this is an important directional drive for credit suisse. they did get beaten up very heavily in the summer by the national bank. we heard the negative segment in the focuses generally focused perhaps on the world management side being an area of shortfall, but ultimately banks are still going through a major process of restructure and reform. there's no point in pretending that just because the eurozone crisis takes many a back seat, that suddenly banks will return to being where everybody puts their mo
i was in the u.s. for it. it did come off as dour. this one was livelier. but i don't know whether there was necessarily -- the narrative is that president obama did better than last time around. whether it was as much of a game changer i think is still up for debate. in any case, president obama and mitt romney have one more debate next week. they may have left it all out on the mat last week. they were much more confrontation confrontational, repeatedly bouncing off their schotools an over the moderator. the president accused romney of selling a "sketchy deal" to fix the economy, while romney says the middle class has been crushed under obama. >> if the unemployment rate was 7.8% when he took office, it's 7.8% now. but if you calculated that unemployment rate, taking back the people who dropped out of the work force, it would be 10.7%. >> governor romney says he's got a five-point plan. governor romney doesn't have a five-point plan. he has a one-point plan. and that plan is to make sure that folks at the top play by a different set of rules. >> both men will be back on the campa
and the possibility of so-called fiscal cliff in the u.s. is set to further send its dent on the exporters which is of course very important to the economy here. industrial activity also fell for a third month in a row and to top it all off, domestic demand is shrinking. retail sales dipped lower as koreans keep their wallets in their pockets, but all of this is in the cards. what surprised was the sharp cuts to growth projections this year and the next. meanwhile the central bank says its inflation target through 2015 to 3.5%, bok prices remaining low, those expected to stand pat until the end of this year and possibly cut once again in the first quarter of 12013. >> rhie, thanks for that. at the same time, the bank of japan minutes out today. members agree that japan's recovery has delayed considerably and some said they were concerned about the yen's strength. there's also fresh evidence of that slowing growth. core machinery orders in august dropped for the first time in three months. the manufacturing sectors were the worse shrinking the most since november 2009. ubi capital, marco, nice to
bourses helped by positive cues from the u.s. and europe. developers let the rally. september average home prices declined, but earnings from the bigger players are still promising. elsewhere shale gas in the mainland al mainla mainland also surged 37 hang seng followed in the mainland's foot steps to end in the glean helped by industrials and energy plays. elsewhere, the nikkei continued its strong rally ending higher by 2% at a three week high. exporters gained once again on the weaker yen. china plays also picked up the steam. south korea kospi eked out modest gains supported by ship builders and automakers. meanwhile a strong rally in australian miners lent support to the asx 200 rising to a 15 month high. sensex still on the move, higher by 0.6%. >>> smartphones are in focus. nokia will report earnings at 12 central european time. this as the number of smart phones oig around the world sold will top 1 billion units for the first time. iphones and androids are the market leaders. we want to know where this leaves nokia and r.i.m. shares have clearly underperformed, although r.i.m. is h
green corp shares halted after u.s. food giant bought a 10% stake in the grain's handler. the index higher by a quarter of a percent. and the sensex lower by 0.7%. ross, back to you. >> thanks for that. we'll catch you a little bit later. now as we were saying at the top of the show, 25 years since black monday. what are your memories of that day? worldwide at cnbc.com, at cnbc @cnbcwex. my moem other is everybody just looking at each wondering what was going on. >> my memories a a little foggier, but interested to read everybody else's. coming up later, india's tcht ata group wants a bigger slice and they're willing to pay for it. bob... oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we're both running a nice, clean race. no need to get nasty. here's your "honk if you had an affair with taylor" yard sign. looks
don't see eus saying to america you should really allow for proper mergers between european and u.s. airlines. do you think that's ever going it to be allowed? >> there's still a lot of steps to be taken to allow that to happen. true global consolidation, a lot of countries still have policies that limit foreign investment in the airline sector. so we need to see a lot of changes in the regulatory environment to allow that to happen. in the meantime, we did see a lot of consolidation continue to happen within regions like latin america, like north america, like europe. and asia is a bit more difficult because you didn't have common market like you do in europe. joint ventures and partnerships, so some benefits can be realbut still doesn't really allow for that. >> it's not the same as doing the full monty. brendan, thanks for that. good to see you. just a quick programming note. tomorrow we will bring you a first on cnbc in an interview with the director general, he will be joining us on cnbc. i'm not sure if he's on "worldwide exchange." anyway, on the agenda in asia tomorrow, aust
and the u.s. looks pretty darn good by comparison, you need domestic security. something confined within our borders, because at those moments, being exposed to the rest of the world is down right dangerous. what do i mean by domestic security? anything usa all the way. you could own a phone company like at&t or verizon, con ed, and put the regional to national restaurant like dunkin brands or dollar general. how about a real estate investment trust? something along the lines of tanger factory outlet. why? they have been winners. or you could own the iyr. i don't like ets. it's a real estate investment trust and gives you exposure to the whole group. in times of international exposure this slot should be filled by something all domestic. when the rest of the world is much better shape, which is where we were after the financial crisis, then you want to own a foreign company. bottomline, always earn a stock from a safe geography, sometimes that means a foreign company. you always have to pay attention to the facts, it means domestic security all american. and believe me, you want to go domest
to a positive stance, not unlike the u.s. ranger that macdonald was. proctor jumped two points yesterday, i still think it's worth buying. the company has a 56-year long track record of raising the dividend. a nice catalyst on november 15th. i bet macdonald tells a fantastic story and you want to be in the stock before the meeting happens. bottom line? take the story of bob macdonald, and we all make mistakes. you have to be willing to admit when you were wrong, and i was wrong on macdonald. he has been screwing up by his own admission. i was right to take him down. and now the company just reported a great quarter, i look like a smarty pants rather than a dope. >>> let's go to richard. >> caller: is this a good time for the stock? kimberly clark? >> they have passed the torch to proctor. i do like kimberly's dividend. like proctor's growth profile. >>> i need to go to kyle in maryland. >> caller: booyah, jim. this is kyle, giving a shoutout to my econ professor, carl marx. good product innovation, good paying dividend, is this a buy? >> carl marx may not think so. but i do. it's consistent
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